America breaks the debt ceiling TOMORROW... for real now

Originally posted by kennylee
reply to post by Vitchilo

 

Dollar now at 73.06!

Could you explain this quote? What is that compared to? Sorry if this is a stupid question...

Someone else might be able to explain this better and with more accurate terminology but:
there is basically a basket of currencies that are used to determine a Value. That Value is 1. Currencies rise and fall against that 1 Value set by the average of the basket as they fluctuate against each other. The smaller the number (.73) the weaker the currency.

reply to post by WillNiendick


If your tired of this country pick a new one!
Babye

Originally posted by 5StarOracle
Have no fear the New World Order will save you...

But be patient, they just need a li bit more money first..

edit on 27-4-2011 by 5StarOracle because: caps

Not money but silver and gold. Have you heard of a bond bubble?

Originally posted by imawlinn
reply to post by WillNiendick

 

If your tired of this country pick a new one!
Babye

We have the best Country in the World. We are broke and mismanaged at the present time, with no way out.

Originally posted by wonderworldWe have the best Country in the World. We are broke and mismanaged at the present time, with no way out.

The unfortunate asspet of this is that certain people are manipulating the country down the road to ruin for there own reasons. It could be depolulation, power, or just greed not sure which is the most likely reason, probally a mixture of all of them.

That being said it's going to be a crazy ride and there is really very little that can be done to stop this train wreck, the only option is to stockpile and help rebuild once it's over. Preferabley with better safeguards against this crap next time.

Originally posted by exile1981

Originally posted by wonderworldWe have the best Country in the World. We are broke and mismanaged at the present time, with no way out.

The unfortunate asspet of this is that certain people are manipulating the country down the road to ruin for there own reasons. It could be depolulation, power, or just greed not sure which is the most likely reason, probally a mixture of all of them.

That being said it's going to be a crazy ride and there is really very little that can be done to stop this train wreck, the only option is to stockpile and help rebuild once it's over. Preferabley with better safeguards against this crap next time.

Good point Exile, Depopulation will result when hyperinflation sets in, back to the Great Depression when farmers did fairly well. I wont be standing in any soup line and I know you wont either friend.

This is all a false issue. All it means is they can not borrow to pay the debt. They have month's of tax revenue in hand, so the whole argument is a political charade. The debt still gets paid.

It's a shame that once again so many have fallen for political posturing and the lies they spew on both sides. Of course they know how gullible and illiterate many voters are.

Originally posted by Blaine91555
This is all a false issue. All it means is they can not borrow to pay the debt. They have month's of tax revenue in hand, so the whole argument is a political charade. The debt still gets paid.

It's a shame that once again so many have fallen for political posturing and the lies they spew on both sides. Of course they know how gullible and illiterate many voters are.

Yep. Reaching the debt ceiling doesn't mean DEFAULT... it means NO DEFICITS...

So this is a non-issue.

BTW dollar is going down... FAST... now at 72.87!

The governments idea of the perfect citizen is being so far in debt they can barely pay the intrest rates on their credit lines. Sadly most people are quick to run up their credit lines on all that must have stuff made from the Orientals that they use a few times and toss in the closet or they buy a huge ass vehicle that gets 6 miles to the gallon and costs as much as a small house.

The government is only half the problem. Peoples lack of ability to control themselfs is as much of the problem.

Wonder if obama remembers this little gem? www.nationalreview.com...

Seems when he was a senator he was against raising the debt ceiling then.
Here's the good senators own words: Here are Obama’s thoughts on the debt limit in 2006, when he voted against increasing the ceiling:

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

reply to post by jaydeePNW


Right, but thats what america has been conditioned to do... BUY BUY BUY CONSUME CONSUME GROWTH GROWTH GROWTH until.....


SMACK, DEAD END

Originally posted by Blaine91555
This is all a false issue. All it means is they can not borrow to pay the debt. They have month's of tax revenue in hand, so the whole argument is a political charade. The debt still gets paid.

It's a shame that once again so many have fallen for political posturing and the lies they spew on both sides. Of course they know how gullible and illiterate many voters are.

I'm sorry to say but this isnt a false issue. Yes it has lots of political overtones but we still cant pay the interest on the debt, we are sinking fast. The economy is not sustainable past 2030 or less. Maybe 2016, if that. Do you think they should remove the debt ceiling all together? Then no need to worry about it? Just curious.

Originally posted by Vitchilo

Originally posted by Blaine91555
This is all a false issue. All it means is they can not borrow to pay the debt. They have month's of tax revenue in hand, so the whole argument is a political charade. The debt still gets paid.

It's a shame that once again so many have fallen for political posturing and the lies they spew on both sides. Of course they know how gullible and illiterate many voters are.

Yep. Reaching the debt ceiling doesn't mean DEFAULT... it means NO DEFICITS...

So this is a non-issue.

BTW dollar is going down... FAST... now at 72.87!

edit on 27-4-2011 by Vitchilo because: (no reason given)

edit on 27-4-2011 by Vitchilo because: (no reason given)

What????

reply to post by wonderworld

What????

A default means you can't pay the interest on the debt you owe. The US government brings in about 2 trillion in taxes every year. Interest on the debt every year is about 600 billion.

So it can pay.

What no debt ceiling rise means is that no more new debt... that means NO DEFICIT... that means the federal budget needs to be cut by about 50% overnight.

So it doesn't mean default. It means no deficit.

Originally posted by Pervius
Congress borrows from them. Well if Congress can't pay the Federal Reserve back it dissolves. It's a private corporation.

The people who started the private corporation of the federal reserve are all also the same people who pay congress, I doubt congress will ever be in a position to tell the federal reserve to buzz off. Even Andrew Jackson knew he had to pay back the central bank before he got rid of it the first time.

So does this mean we possibly see a revolution within the next few weeks? Well, i hope there would be a revolution.

Originally posted by Vitchilo
reply to post by wonderworld

 

What????

A default means you can't pay the interest on the debt you owe. The US government brings in about 2 trillion in taxes every year. Interest on the debt every year is about 600 billion.

So it can pay.

What no debt ceiling rise means is that no more new debt... that means NO DEFICIT... that means the federal budget needs to be cut by about 50% overnight.

So it doesn't mean default. It means no deficit.

The deficit is actually much higher. The number is believed to be in excess of $100 trillion dollars. They lie. The government uses accounting sleight of hand to claim that certain debts shouldnt be counted as part of the national debt. The debts are still there.

So what do you think the US creditors are thinking about this? When investors start to recognize there is a good possibility we cant pay off our debt, they will demand higher returns given the increased risk of a default. This will mean higher interest rates. When rates go up, the total interest we pay each year will shoot. In short, interest rates may do to this country what two World Wars and the Soviet Union never could destroy and ruin our way of life.

Originally posted by wonderworld

Originally posted by imawlinn
reply to post by WillNiendick

 

If your tired of this country pick a new one!
Babye

We have the best Country in the World. We are broke and mismanaged at the present time, with no way out.

The best country in the world eh? I take great offence to that. Back off.

Jamie.

Well... As long as it is for really real this time.

hey let it collapse... let's see how THEY do, struggling for a while.

Does anyone have an estimate on an "exact-ish" time?


Jamie.